March 04, 2007

HousingPANIC Stupid Question of the Day


Do real estate clerks now (finally) understand what is happening to the housing market, and to their jobs and future prospects?

Or are they really as dumb, clueless and naive as they seem to be?

41 comments:

Frank said...

No. They're really that dumb, clueless, and naive. Oh, and let's not forget that they're brainwashed by NAR on a daily basis.

GreedKills said...
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E said...

I think they'll start to get it when angry former clients start causing them to go into hiding.

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Anonymous said...

Hey, I have a GED, and make 25K a year selling houses, I'm not that stupid, I got into real estate to help newbies navigate the waters, I'm a captain, a hero.

RaleighJohn said...

Around the cities in NC, they must be in denial still. But, we are one of the fastest growing states with prices still creeping up. Prices are insane for downtown condos and 20-50+ yr old homes in trendy downtown areas, but what else is new right?

I just wish I could convince my mother that becoming a broker is not a good idea! But with this "exception to the rule" growth going on here, that's a tough sell. Plus, she thinks anything that is said on tv must be the truth! Oy vey..

Anonymous said...

SUZANNE RESEARCHED IT........

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George W. Bush said...

"I trust God speaks through me. Without that, I couldn’t do my job." - George W. Bush

Anonymous said...

What made the market so vulnerable to panic? It wasn’t so much a matter of irrational exuberance — although there was plenty of that, too — as it was a matter of irrational complacency.

Anonymous said...

They know, but will not admit it to clients or in public. RE Clerks list and show their own flips first, which they are up side down in/ They are preying on their clients and hoping that their owns flips will sell to the GF before the bloodbath gets any worse.
They all go out together, get drunk and then talk about it among themselves in private.
The next day at work, if they have a hang over, then it will not feel so bad to be a liar.
Business as usual.

Anonymous said...

Well the mortgage brokers are still pushing those absurd loans.

I just saw an add on TV on the 24/7 Real Estate show in Jax Florida for loans up to a million dollars with monthly payments of only 260 bucks a month! They claimed they were .25 percent loans with who knows what kind of into terms.

Obviously the more desperate they get for business the more reckless they are with new loans.

Talk about adding to the fire!

Mark in San Diego said...

I thing they are FINALLY getting it here in SD - especially when their former co-workers ask, "do you want fries with that?". . .but seriously - I was at the sales office of a new condo yesterday, and there were actually people in there looking to have their money taken away - I heard one baby boom age woman and her husband say, "we are looking for some investment property". . .right - buy an overpriced condo in downtown SD from a developer and watch the price go down . . .as long as their are still stupid people out there, this thing will take years to play out!

shoppah said...
This comment has been removed by a blog administrator.
a.creampuff said...

This made the cover of WaPo Sunday Mag section: http://tinyurl.com/2fjbg9

One interesting tidbit, on the side of the real estate clerks, is that during boom times, the flood of newbies dilutes profits from long-time pros. And they don't always get that commision, either. The woman profiled here was already showing people homes, and segued into it. Clearly, with a trebling of the number of realtors in the past couple of years in the DC area, a lot were simply looking for a quick buck just as the peak was off, and there will be an inevitable shake-out. It's a low cost-of-entry field, so they aren't out all that much (other than a job that, as in this profile, was only half-way there to begin with).

Anonymous said...

Not in Marin county.
http://www.marinij.com/ci_5351374

Five years ago, Sean and Stephanie Mohan bought a condominium in Fairfax for $393,000. Last year, they decided they wanted a bigger home in Marin, so they put the condo on the market. It just sold for $550,000, a tidy profit, but it sat on the market for six months.Now the couple is seeking a detached home for around $700,000, but Stephanie Mohan said most homes currently in that range aren't as nice as the condo they're giving up.....Marin's median home prices continue to rise amid softness in the broader market. According to the county assessor's office, the median detached home price for 2006 was $960,000, up 1.59 percent from 2005 and 152.65 percent from 1996.


How's that wait for a 70% drop in prices going reters? Starting to wish you'd bought in 1996?

Anonymous said...

One only read *Agents Online* (a forum For Real Estate Agents to Exchange Ideas, Network, and discuss issues) for 5 minutes to see what a pathetic and despicable bunch they truly are.

BuckNekid and Mabel Wonderful said...

Just saw an add by Mortgage Solutions on TV for 300 grand loans with payments of only 62 bucks a month!

It seems like the reckless mortgage brokers will keeep the pedal to the medal as they go over the cliff

FLA said...

It's going to be interesting to see the reverse cycle. It' normaly Stripper to Realtor as a carrer path but now it's Realtor back to Stripper. Not much difference anyway.

Anonymous said...

NO!

Denver_Investor said...
This comment has been removed by a blog administrator.
Rob Dawg said...

Travel Agents redux.

showmethenouns said...

Absolutely not.

Anonymous said...

The real eatate agents knew all along that the easy money made the sales possible that they were promoting . The REIC just had to come up with some spin to get people to continue to buy at higher and higher prices while they went on dogsh-t loans .

The hype of ,"we are running out of land ","real estate always goes up ", "get in now before your priced out," "you cannot afford not to buy ," and "you can refinance out of that creepy loan after you house goes up 40%,",became facts .

The only mistake that the RE clerks made was that they thought the wave would continue for another 2 to 5 years and prices would go flat rather than decline .

The clerks were just order takers and often times they would double escrow a property and raise the price ,(conflict of interest ).

I suggest that alot of these RE clerks need to get out of town .In 2006 the degree of fraud that was done to make sales by the RE clerks will come back to haunt them .

I say the RE clerks knew all along that the RE market was a gravy train chance to make alot of easy money without regards to putting people into homes they could afford.The clerk can all go to hell.

Anonymous said...

the guy next door, with two sweet kids, and the third being an insane nut just like her dad, just started his own flipping business, to do million dollar remodels here in Seattle. New cars every month. Not a penny saved and leveraged to the hilt. The question is, when it all blows up, will it be divorce, then suicide, or will he sell one of his beautiful girls into slavery just to put food on the table.

The one thing we haven't talked about is the baby bubble that's going on with the homedebtors class. Their motto: three is the new two. Just like the bubble thinking everywhere. Big house, big debt, big brood, big dog. Go big.

SeattleMoose said...

The latter....soon to be replaced with RE kiosks. All those jocks and cheerleaders from high school will now have to find other "professions".

Anonymous said...

All those jocks and cheerleaders from high school will now have to find other "professions".

Ha ha ha!! Just as I suspected. Nothing but high school losers here still bitter that they were locked in their locker by Chad the QB in high school.

Still bitter that he got to fuck the cheerleader and because his dad was buds with the dean got into Yale and took your spot even though you had higher SATs and GPA than him.

Still bitter that Chad did nothing but drink for 4 years and got a degree in business. Yet you busted your ass in engineering but oopsie all the engineering jobs are in China now. And this is the best part...Chad sent the jobs there and for that cost cutting got a $200K bonus.

And Chad gets to go home every night to his 5500 sq ft McMansion and guess who's there waiting for him..why the cheerleader who wouldn't even look at you and their 2 kids, Chad Jr. all American running back and Tiffany captain of the cheer squad. And you, well you have to go home every night to a lonely apartment in a not so nice part of town.

Hey look I can understand the anger. If I were in your place I'd be angry too and hoping for nothing but pain and suffering for good old Chadwick and Tiff.

But wishing really hard won't make it so. Chad will be a winner for life. You will be a loser for life. It's the way the world works, sorry.

BGManofID said...

Those who wised up quite their jobs as realtors.

So, to answer your question, those who still are realtors are likely on something.

foreclose_me said...

The one thing we haven't talked about is the baby bubble that's going on with the homedebtors class. Their motto: three is the new two.

I think the NWO may have realized the White production rate had dropped too low. Two is a long-run decline; three is an increase.

Three is hardly big.

Frank said...

"But wishing really hard won't make it so. Chad will be a winner for life. You will be a loser for life. It's the way the world works, sorry."

See now that's why I didn't wish, I acted. I sit here from my best-selling author ivory tower. Chad makes eighty grand a year to work in PR, media, marketing consulting, etc., to do my work and make me each and every month what he makes in a year.

Chad is happy with his eighty grand a year though (and his 3 mortgages and 20 credit cards) so I guess I really shouldn't be putting him down. He's found bliss in the slavery called debt. My total financial freedom at 33 isn't much better, eh?

www.scottsdale-sucks.com

Anonymous said...

Let's see, how do hedge funds operate? Well, more than anything they want to keep their holdings secret, because if the competition finds out what they have and the market shifts, they can make great gains at the opposition's expense.

So, you're a hedge fund manager and know the public book is a whole lot of joes are in crap mortgages & highly leveraged. Well, the group think says bring on the bust and sheer the joes. In the idea of preparing for the worst, I'd say hedge funds are lining up their artillery right about now. See ya dollar!

Anonymous said...

Why would people with the opposie views blog on and comment against the majority view? Could be sub-conscious denial or consciously scared to death and trying happlessly to add to the disinformation campaign by REIC/Mortgage Industry.
Especially after the feces fan revolving this week.
Coconutz!

real estate losses said...

Chad is now being traded for cigarettes in prison due to mortgage fraud and his saggy leather-skinned ex-cheerleader wife is whoring herself in an attempt to hold on to the McMansion with $1000/mo utility bills.

End of Story.

Suck It Good Socal said...

Most of them in general are still in denial. More specifically, here in Southern California...my brother in law who is a Loan Officer ..says 'It will get better in a couple months' (spring bounce?)....Ok Nostradamus, now that's wishful thinking. He needs it since he bought a 700k house in 2005, interest only Option ARM, all new furniture (no payments until 2007), new cars and a time share. Remember, this guy is a salesman. Before that he was delivering milk in a truck (no kidding). I really dont feel sorry for him or his douchebag high maintenance wife, just his small kids. Dont fell sorry as long as I get first dibs at the Sharper Image leather massage recliner and the stainless stell outdoor oven grill!!!
MUAHAHAHAHAHAHAHHA.

Anonymous said...

I can't decide who is more annoying:
the douche bag in denial home debting trolls on this blog or the Best Selling author Frank. DUDE LET IT GO! If I see another post about your best selling manual I will..I will..slash my wrists with the Spinners on my H2.

Anonymous said...

Yeah, good point, the boomlet - hadn't considered that...the big dog, the weird kid, the nervous wife...this is not going to look like the '30s. We're probably looking at a middle-class crash into a horde of trauma meltdown cases and the psycho homeless. Not good. Not good at all.

Anonymous said...

Chad, to whom everything came so effortlessly in life - getting by on his looks and daddy's influence - does not strike me as a "winner". He would not be the kind of person I would want to rely on when times get tough. Also, Chad ruined his knees and now has a spare tire. I hope Tiffany had a good personality, because her beauty is slowly fading. Even if she did, sounds like Chad wouldn't notice, because, "winner" that he is, he married for looks.
I love people who brag about never reading a book in school or after, yet are wealthy. Money can't buy class.

Anonymous said...

...my brother in law who is a Loan Officer ..says

I really dont feel sorry for him or his douchebag high maintenance wife,

Dude, thats your sister!

Anonymous said...

No, that's probably his wife's brother!

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